Subject: Paradise Valley Weekly - 18 New Listings, Government Shutdown Impact on Real Estate

One might think the luxury market is unaffected by the government shutdown, given that jumbo loans are not government backed, but unfortunately that's not the case.

It's important to be aware of potential complications if you are about to enter a real estate transaction, so you don't make commitments or set a timeline that could cost you a lot of money.

Here are two ways in which the luxury market is impacted by the government shutdown:

1. IRS call centers are closed and it has suspended the processing of all forms, including tax return transcripts. These transcripts are required for many kinds of loans, so delays should be expected.

2. The Social Security Administration has suspended most customer service functions. This includes verifying Social Security numbers, a further complication for mortgage processing.

Let's hope that this debacle gets resolved soon. Until then, give yourself some "breathing room" when you set a timeline on a real estate transaction.

Closings
We dipped down to an older weighted average home last week, to 1982 from 1995 the prior week. Consequently, the average sale price came down from $1.8 million to just $1.375 million. Total sales volume was about $7 million, and the average price per square foot was $336.

New Listings
There are 18 new listings this week from $700k to $8.5 million. The $700k property is a short sale that went under contract immediately -- if you didn't get notification about it, please contact me to make sure you're kept apprised of these deals on the day they hit the market.

Sadly, there are good reasons to knock out most of the 18 new listings from consideration. Many are on problematic lots, others have pricing that is aggressive even for this hot market.

As usual, I've whittled the list down to the ones that are special, and likely to attract attention soon from other buyers:

Bank Foreclosure over 7,300 Square Feet
This home was built in 2001 and has 6 bedrooms, a huge kitchen, 1,000 square foot guest house, 4 car garage and more. The bank wants this sold immediately and has priced it to move at $276 per square foot, or just over $2 million.

Impeccable Remodel on Golf Course
There are remodels, and there are remodels -- this, my friends, is how it should be done. Crown moldings, wood floors, bright interior, well manicured landscaping, superb kitchen, the list goes on. This is a home, not just a house, and it exudes warmth. Offered at just under $1.6 million. Please call me at (480) 442-7325 to see it today.

New Mansion in Gated Community
Located in the exclusive Villaresi community, this home will be completed within months. It's over 14,000 square feet on 1.7 acres, and has every conceivable amenity including a home theater, 8 car garage (or 16 if you choose to use lifts, which it can accommodate), 2,000 bottle wine cellar, and more. If you get involved now, you can steer the final design decisions before completion. Offered at just under $8.5 million.

To see all of this week's listings in PV, please click here.

To see everything on the MLS in Paradise Valley please click here.

That's all for this week, I'll be back next week with all the latest in Paradise Valley real estate.

Regards,
Alex
SearchParadiseValleyProperties.com
(480) 442-7325


p.s. Would you like to know about OFF MLS homes?  It's easy please click here.






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Realty One Group, 7975 N Hayden Road #101, Scottsdale, AZ 85258, United States
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Realty One Group, 7975 N Hayden Road #101, Scottsdale, AZ 85258, United States
You may unsubscribe or change your contact details at any time.